COVID Panic Part 2: An Unlikely Series of Events
Let's start off by saying this:
I do not have a bullish or bearish bias. I think this outcome is actually extremely unlikely. It all depends on how markets process the COVID news over the next 48 hours.
Here are the facts:
Every single record
(Hospitalizations, rate of deaths, rate of infections, active infected cases)
in regards to covid, has been broken in the past 12 hours.
News cycles are already starting to spin cycles of doom and dread/panic. This is the worst-case scenario I think we could see if markets react similarly to the first time we had covid panic back in March. Bare in mind: worst case.
It is very likely we come to the light-support zone and rally from there, this would also be some healthy price action for a break through 20K and onwards.
I absolutely love bitcoin; but, at the end of the day, if things are getting worrisome, the average consumer will likely choose 10K in cash vs 10K in Bitcoin.
I do not have a bullish or bearish bias. I think this outcome is actually extremely unlikely. It all depends on how markets process the COVID news over the next 48 hours.
Here are the facts:
Every single record
(Hospitalizations, rate of deaths, rate of infections, active infected cases)
in regards to covid, has been broken in the past 12 hours.
News cycles are already starting to spin cycles of doom and dread/panic. This is the worst-case scenario I think we could see if markets react similarly to the first time we had covid panic back in March. Bare in mind: worst case.
It is very likely we come to the light-support zone and rally from there, this would also be some healthy price action for a break through 20K and onwards.
I absolutely love bitcoin; but, at the end of the day, if things are getting worrisome, the average consumer will likely choose 10K in cash vs 10K in Bitcoin.
Comment:
Market didn't react to new COVID news at ALL - expect bullish continuation.